Paying

House Democrats Tuesday slammed Republicans’ proposed budget cuts in the continuing resolution (CR) that could hamper the ability of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to regulate the $300 trillion derivative swaps market during the 2011 fiscal year (FY).

Chesapeake Energy Corp. is paying $200 million cash for the Yellow Rose and Bluebonnet assets in the Eagle Ford Shale of Antares Energy Ltd. and partner San Isidro Development Co, Antares said Monday.

Baker Hughes Inc.’s management team reported Monday that the purchase of pressure pumping specialist BJ Services Inc. already is paying off, helping to boost quarterly profits both year/year and sequentially, with most of the uptick coming from work in North America’s unconventional basins.

Noting that while there are “important questions” about the environment, it has been reported that the Marcellus Shale could provide enough gas to meet U.S. demand for decades, while creating thousands of jobs, and most important can be developed responsibly, according to John Felmy, chief economist with the American Petroleum Institute (API).

PPL Corp. of Allentown, PA, is growing its exposure to the regulated utility industry by paying $7.625 billion to acquire E.ON U.S. LLC, the parent of Louisville Gas & Electric Co. (LG&E) and Kentucky Utilities Co. in the fourth big power industry transaction announced this year.

BP plc’s 3Q2009 profits were down by more than a third from a year ago, but cost-cutting measures implemented two years ago by the oil major are paying dividends. Costs are projected to fall by $4 billion this year from 2008, which is $1 billion more than the producer forecast in June.

El Paso Pipeline Partners LP now holds a 58% stake in Colorado Interstate Gas Co. (CIG) after paying El Paso Corp. $215 million for an additional 18% interest. The pipeline partnership funded the transaction after issuing 12.65 million units, which raised about $217 million. With the additional stake in CIG, the partnership plans to recommend to its board a 6% increase from its 2Q2009 quarterly cash distribution to 35 cents/unit, or $1.40/unit on an annualized basis, beginning with the distribution to be declared and paid in 4Q2009. El Paso Corp. owns a 65% limited partner interest and a 2% general partner interest in the partnership, which it formed to own and operate natural gas transportation pipelines and storage assets. In addition to its stake in CIG, El Paso Pipeline Partners owns Wyoming Interstate Co., an interstate pipeline system serving the Rocky Mountain region, and it owns a 25% interest in Southern Natural Gas Co., which operates in the southeastern region of the United States.

A strategy that includes expanding its North American unconventional natural gas operations and selling noncore assets may be paying off for Calgary-based Talisman Energy Inc., which saw 1Q2009 production up 7% compared with 1Q2008 — including a 1% increase in North American natural gas production — the company said last week.

A strategy that includes expanding its North American unconventional natural gas operations and selling noncore assets may be paying off for Calgary-based Talisman Energy Inc., which saw 1Q2009 production up 7% compared with 1Q2008 — including a 1% increase in North American natural gas production — the company said Wednesday.